PO Box
4045, Big Bear Lake, Ca, 92315
Bus 909-913-9884
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Low interest
loans for Big Bear Lake businesses
The Big Bear Lake Improvement
Agency has approved a Small Business Loan Interest Rebate Program, allowing
small businesses and start-ups, located or seeking to locate in the project
areas of the Big Bear Lake Improvement Agency, annual reimbursement of
interest paid on small business loans used for interior and exterior
improvements to their places of business.
Loans must be secured through
institutional FDIC insured lenders. Reimbursement of interest paid is
subject to variable cap terms. In addition, a 10% principal reduction
payment is possible after the loan is paid in full if the business is still
open and operating and there has been an increase in total taxable sales
generated from the business of at least the original principal amount of the
loan. Commercial property owners who lease space to qualified small
businesses and whom also qualify as a small business as defined by the Small
Business Administration (SBA) are eligible. Small businesses located
outside of the project areas may also qualify on a case by case basis
subject to project area “benefit” findings by the Agency.
Program Benefits & Terms
Small
Business
Max. Loan
with %
Rebate
Max. Amount
% Rebate
Max. Loan
Term
Max. Amount
of Principle
Reduction
Payment
Existing
Business in
Project Area
$100,000
$25,000
5 Years
$10,000
Existing
Business
moving to
Project
Area
$75,000
$18,750
5 Years
$7,500
Start-up
Business
on Project
Area
$50,000
$12,500
5 Years
$5,000
As defined by the Small Business
Administration, a small business is defined as having 100 employees or less,
annual gross receipts of $7 million or less and fewer than 10 locations or
franchises nationwide.
Exterior Rehabilitation and
Improvements eligible under this program include:
Signage and facade improvements
(including windows & doors)
Building envelope improvements
(including painting, roof repair, wall treatments)
Exterior lighting, landscaping,
walkways & parking lot improvements
Interior Rehabilitation and
Improvements eligible under this program include:
Permanent tenant improvements/capital
that stay with building
Restroom/kitchen upgrades & remodels
Painting & lighting
Flooring & walls
Permanent cabinetry, shelves & other
wood/masonry work
HVAC
ADA improvements
(Interior improvements do not include
fixtures, furniture or equipment that the business can take from the
property.)
Preferred local lenders include
Arrowhead Credit Union, Citibank, Union Bank of California and First
Mountain Bank. Other institutional FDIC insured lenders can be used.
For more information on this
program, business owners or brokers can contact Lyle Haynes, Redevelopment
Director, at (909) 866-5831, ext. 141 or
lhaynes@citybigbearlake.com.
City of Big Bear Lake
The City of Big Bear Lake is a
four-season resort located in the heart of the San Bernardino National
Forest, approximately 30 miles northeast of San Bernardino. The City serves
a population of 6,500 residents and covers a 6.95 square mile area on the
west end of Big Bear Lake’s south shore. Recreation is offered year-round,
including skiing, boating, fishing, camping, hiking, golf and fine dining.
Visit us at
www.citybigbearlake.com.
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coping... PO Box 4045 Big Bear Lake, CA 92315 Phone: 909 913-9884
Fax: 909 475-8306
